If you’re like the average American who will receive a refund — and knows what they want to do with it — you will most likely put it in savings, according to a recent GOBankingRates survey.

The website polled 1,000 people about what they plan to do with their refunds. Survey participants had to choose one of the following seven options:

Pay off debt (loans, credit cards, etc.)

Splurge on a purchase (TV, shoes, etc.)

Put the money toward a vacation

Put the money in savings

Make a major purchase (car, home, etc.)

I do not receive a tax refund

None of the above

About half of survey participants do not receive a refund or selected “none of the above.” GOBankingRates explains of the latter, “These people might not have a clear plan for their IRS tax refunds, they aren’t sure they will get a refund this year or they have plans for the refunds that are not found in the other responses.”

GOBankingRates’ analysis focused on the first five options. Among survey respondents who expected to get a refund, putting the money in savings was the most common response.

Unless you want to use the money to buy stocks or another higher-risk — and higher-yielding — investment, putting the money in an interest-bearing account will help you make the most of your refund by allowing it to grow.

Compound interest is interest that’s earned and added to an account balance so that the interest, too, earns interest. Compounding speeds up earnings because, as your account balance grows, each new interest payment is based on a larger amount.

If you know which account you’d put your refund in and how much interest the account earns, you can use the U.S. Securities and Exchange Commission’s compound interest calculator to see how much your refund stands to grow.

If you’re in the market for a new interest-bearing savings account — or one that earns more than your current account — visit the “Find a Higher Paying Savings Account” page in our Solutions Center. There, you can search based on the type of account you’re looking for — checking, money market or certificate of deposit.

So what is it you plan to do with your refund? Let us know below or over on our Facebook page.

Financial solutions for seniors:

SanDisk Outlet Store takes an extra 17% off its selection of items, already reduced by up to 75% off, via coupon code "LABORDAY17". Shipping starts at $6, but orders of $75 or more qualify for free shipping. Items on offer include flash drives, memory cards, and cables.

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Updated: 4 days 4 hr ago

For in-store pickup only, Lowe's offers the Kobalt Garage Storage System for $7.49. That's $22 off and the lowest price we could find. It fits on on Kobalt garage tool bases and measures 27" x 18". Deal ends October 18.

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Updated: 1 week 2 days ago

Today, Apple announced its new iPhone X, which includes an all-new 5.8" Super Retina OLED display that stretches nearly edge to edge without a bezel. You can now tap the display to wake up the phone, and unlock it using Face ID. It has an A11 Bionic chip neural engine, 12-megapixel dual rear camera with dual OIS, wireless charging, Bluetooth 5.0, and water and dust resistance. It comes in 64GB and 256GB models from $999.

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Updated: 2 weeks ago

Backcountry cuts up to 55% off a selection of The North Face men's, women's, and kids' apparel, shoes, and accessories. (Prices are as marked.) Plus, take an extra 20% off when you add to cart. That beats August's mention of just an extra 15% off and is the best sale we've seen on these items all year. Shipping starts at $5.95, but orders of $50 or more qualify for free 2-day shipping. After discount, accessories start as low as $10.38, men's T-shirts at $11.17, men's jackets at $41.58, and women's jackets at $55.41. Size availability for many items is limited.

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Updated: 4 days 10 hr ago

As part of a class action lawsuit, those who received pre-recorded telemarketing calls from Resort Marketing Group (RMG) between July 2009 and March 2014 may be entitled to monetary compensation. The suit alleges that RMG violated the Telephone Consumer Protection Act by making pre-recorded calls without express consent. Click here to read more about how to make a claim. Claims must be filed by November 3.

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Updated: August 14, 2017

As part of a class action lawsuit, customers who purchased certain Honest Diapering, Cleaning, or Personal care products between January 17, 2012 and July 10, 2017 may be entitled to cash compensation. The suit alleges that Honest engaged in deceptive practices in their advertising and labeling of products. Eligible customers can receive $2.50 for each item with proof of purchase, and up to ten items without proof of purchase. Click here to find out more information. Claims must be submitted by October 23.

Walmart continues to discount thousands of items as part of its End of Summer Clearance Sale. Opt for in-store pickup ... Read
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Updated: 5 days 5 hr ago

At P.F. Chang's, buy one entrée and get a second entrée of equal or lesser value for free when you fill out this short form. (You'll receive this offer via email.) That's tied with our mention from a month ago as the best entrée freebie we've seen from P.F. Chang's. (We've seen BOGO entrées several times before, but it's usually restricted to specific entrées.) It's valid for dine-in only for 14 days from offer sign-up date. Click here to find a location near you.

If you'd rather dine solo (or maybe just make your lunch buddy buy their own darn meal for once), you can also get an entrée salad paired with a cup of soup for $10. It's also only valid for dine-in; just mention the offer to your server to redeem. (Offer only applies to the Asian Caesar, Mandarin Crunch, and Vietnamese Noodle salads.) This deal ends September 26.

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Updated: 23 hr 29 min ago

Abercrombie & Fitch cuts up to 50% off sale items and up to 70% off clearance. (Prices are as marked.) Shipping adds $7, but orders of $75 or more net free shipping. Women's swimwear starts at $4.40, men's fragrance at $3.50, women's jeans at $18 $29, and men's jeans at $35.99.

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Updated: 2 weeks 6 days ago

Fall is on the horizon and we're restocking our closets with all things warm and wintry in preparation for the cooler weather. That's made all the easier this month thanks to the wide selection of end-of-season sales coming your way. Steep & Cheap is leading the pack too, not only with The North Face sale we listed yesterday, but again with big discounts on last season's Patagonia apparel.

The store is knocking up to 65% off a wide selection of Patagonia outerwear, pants, backpacks, and more in last season's colors, with prices starting at $11.60. Shipping starts at $6.31. A couple of best bets from the sale (you will see these prices in the drop-down menu when you select your color on the product page):

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Updated: 1 day 6 hr ago

Retail chain Toys"R"Us has filed for bankruptcy in the United States and Canada. Per reports from several news outlets, the 60-year-old company has racked up nearly $5 billion in debt. There are currently 1,600 Toys"R"Us and Babies"R"Us retail locations worldwide, which are expected to operate as usual for now.

Lids takes up to 75% off a selection of NCAA, NFL, NBA, MLB, NHL, and other clearance caps, with prices starting at $5. (Select styles may have an even larger discount.) Plus, all orders bag free shipping. (It usually adds $5 for orders under $50.) That beats yesterday's mention (which lacked the free shipping offer) and is the best sale we've seen on these items at Lids this year. Deal ends September 27. A couple of best bets:

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Updated: 3 days 1 hr ago

At Best Buy, buy one select Blu-ray or 4K Blu-ray movie and get a second movie of equal or lesser value for free. Plus, get an additional $1 off, dropping prices to as low as $6.99, when you order via in-store pickup using the instructions below. Eligible titles include The Secret Life of Pets, Jason Bourne, Jurassic World, Baseketball, and several multi-movie sets. To get all discounts:

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Updated: 1 week ago

StackSocial offers the HBQ i7 Twins True Wireless Earphones in White or Black for $29.99 with free shipping. That's $20 off and the lowest price we could find. They feature 4-5 hours of play time, hands-free calling, and lag-free connections. Deal ends October 6.

Today, Apple unveiled its new iPhone 8 and iPhone 8 Plus models. Available in Silver, Space Grey, and Gold, it now has both a glass front and back, with an overall steel-reinforced design. They have a 4.7" and 5.5" Retina HD display, respectively, as well as a new A11 Bionic 6-core CPU. Also included is a 12-megapixel rear camera with optical image stabilization on both models (dual camera on the Plus model), Bluetooth 5.0, wireless charging, and water and dust resistance. It'll come in 64GB and 256GB options, from $699 for the iPhone 8, and from $799 for the 8 Plus.

It can be ordered starting September 15, for delivery on September 22.

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Updated: 2 weeks ago

Pop Chart Lab cuts a selection of 18" x 24" posters to $10 via coupon code "5PRINTS410", as listed below. (Choose "Print Only" under finishes to see this deal.) With $6.95 for shipping, that's $19 off list and the lowest price we could find. Each poster is printed on 100-lb. archival stock. The deals:

ThinkGeek takes up to 80% off a wide selection of items as part of its Fall Blowout Clearance. Shipping starts at $5.95, or spend $75 or more for free shipping. Shop for home goods, apparel, and accessories from popular franchises such as Harry Potter, Doctor Who, Star Wars, Star Trek, and many more.

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Updated: 1 week ago

Today, Apple introduced the Apple Watch Series 3. The newest version of Apple's smartwatch features built-in cellular, to allow for phone calls without the need to pair with your phone, as well as a new W2 dual-core processor that enables Siri to talk on your watch. It also has an altimeter and remains the same size as the Series 2. With cellular, the new Apple Watch starts at $399, and it can be had without cellular for $329.

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Updated: 2 weeks ago

Spring offers the Kenneth Cole New York Men's Tag Em Leather Sneakers in Cognac for $39.97. Coupon code "STOCKUP20" cuts that to $31.98. With free shipping, that's $24 under last month's mention and the lowest price we could find by $17. They're available in select sizes from 7 to 8 10. Deal ends September 27.

United Airlines via ShermansTravel offers United Airlines Roundtrip Flights to select West Coast U.S. Cities, with prices starting from $82.40. (On the ShermansTravel landing page, click on "United.com" in the main paragraph to see this sale.) That's the lowest price we could find for select routes today by at least $10. Book this travel deal by September 30.

All prices, dates, and booking details were valid at the time of publication.

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Updated: 4 days 4 hr ago

Walmart discounts a selection of garage and storage rollbacks, with prices starting from $12.70. Choose in-store pickup to avoid the $5.99 shipping fee, or get free shipping on orders of $35 or more. (Oversized items may have additional fees.) A couple of best bets: